Lexaria Bioscience (NASDAQ: LEXX) CEO Chris Bunka has released an annual letter to shareholders. The detailed letter talks about company highlights throughout the year, including the fact that, despite challenges such as global supply chain disruptions and threatening inflation, “Lexaria continues to navigate well and is focused on those things it can control such as applied R&D designed to entice others to work with us commercially. . . . [The company] has not terminated any staff and in fact our in-house team as well as our external consultant head-count has never been higher, in order to conduct and [analyze] an unprecedented volume of work. We’ve managed our growth while exercising excellent fiscal controls and have hit our annual budgets, +/- about 2%, for the last two years running.” The letter recapped the company’s impressive R&D efforts, which Bunka called the “lifeblood” of the company, including the fact that LEXX is in active discussions with multibillion dollar companies around the world regarding the potential use of its proprietary DehydraTECH in a variety of commercial product pursuits. R&D efforts include a focus on hypertension and heart disease, nicotine, and seizure disorders, as well as other R&D programs. The letter also noted that the company received a successful pre-IND response from the FDA clearing the way to proceed toward formal IND filing. Bunka also reported that the company has seen “an increase in institutional ownership of our shares, which I believe is a sign of ‘smart money’ coming into our stock.”
In addition, the letter outlined Lexaria’s progress in commercial results and collaboration, which included signing new customers that will begin to have an impact on revenue in 2023 and beyond. “Lexaria achieved most of its goals for 2022 and did so while adhering to tight budgets and fiscal controls in a world where inflation is rampant,” said Lexaria CEO Chris Bunka in the shareholder letters. “We’re very careful and stingy with our shareholder’s money, and we try to build value at every step, even if that sometimes means projects take more time to complete. Our largest study ever, HYPER-H21-4, was completed on schedule, and although primary results have been released and were positive, secondary results have been slow to arrive and will continue to be released in 2023. We have several studies ongoing with dosing completion expected in the first three months of 2023, and these could help shape subsequent investigatory work. And of course, the biggest item to be accomplished in 2023 will be our IND filing and approval for initiation of the work program thereunder.”
To view the full press release, visit https://cnw.fm/KawHW
About Lexaria Bioscience Corp.
Lexaria Bioscience’s patented drug-delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream by promoting more effective oral delivery. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bioabsorption with cannabinoids, antiviral drugs, PDE5 inhibitors and more. DehydraTECH has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 28 patents granted and many patents pending worldwide. For more information about the company, please visit www.LexariaBioscience.com.
NOTE TO INVESTORS: The latest news and updates relating to LEXX are available in the company’s newsroom at https://cnw.fm/LEXX
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